Marketing strategy is the unification of plans of an organization into one comprehensive plan. It is obtained by setting up of goals, studying the market, obtaining the percentage of responses of potential buyers, planning and finally making policies. These plans are designed for getting maximum profit for sustaining the business. Therefore, it is the foundation of any marketing plan.
What is Strategy?
Strategy is the planning to reach the desired goal or finding out the solution to any unanswered problem methodically. Therefore, it is long-term planning to reach a certain goal.
What is a marketing strategy?
Following the definition of strategy, the marketing strategy is the long-term planning for a few or a particular objective(s).
Suppose your plan is to be a leader in the market by delighting the consumers. So strategically, you have to plan in detail after researching the market. Then develop the market by pleasing the customers.
It is necessary that every company or organization should have a clear marketing strategy that en routes one to achieve the goal of the organization.
The term derives its originality from military use. The general policy of the military strategy is to defeat the enemy. The business strategy also suggests overpowering or conquering the competitors or rivals.
Developing a strategy means visualizing comprehensible aims or goals around which the business policy revolves. After fixing the goal, the organization uses its tools and procedure to reach the goal.
The concept of Marketing Strategy in brief
Marketing then is the procedure of implementing and developing a strategy to coordinate
· Ways of identification,
· Anticipation of marketing
· Satisfaction with the consumers’ demand
The above steps are followed in a way that they could reach profit-making goals. This planning of the strategic process is the key to success in marketing.
Marketing strategy discipline
Presently, marketing strategy is taken as a strategic discipline to take care of the health of the business to nourish so that it can fight against the competitive powers and pressures.
This discipline has become necessary because today it is more and more realized that profit-making is not only important, a business organization is supposed to develop the market share also. It also explores brand leadership also.
Therefore, it is essential for the marketers to monitor the business productivity and wait for similar trends in their own business. Simultaneously, the contenders or rivalries should also be kept in observation for the vulnerability.
Who are the successful marketers?
Therefore, successful marketers are those who take care of every aspect of the business, together with potential projects and the other parts of the industry.
Flourishing companies always plan in advance for 5 to 10 years and often try to know more about their competitors as much as they know themselves.
Never take business marketing as a series of mechanical business functions. It is a continuous development of attitudes of everyone in the organization and reduces the possibilities of crisis for the general expansion of the tactical and strategic levels of the marketing.